A 17th century pub has been put up for sale - for just £1, writes Alice Simmons.

The Nags Head Tavern near Taunton, Somerset, shut its doors earlier this year after the previous landlord took the "hard decision" to close.

But it has now reappeared online with the leasehold being offered for a quid - although there is a catch.

Property specialists Sidney Phillips explained that the building is up for the low price - nil premium - because the business has closed and has "no goodwill".

Goodwill is a term used to describe that a business has value beyond its actually physical assets and liabilities.

But any new leaseholders will be required to pay the landlord a security deposit and have at least one quarter of the annual rent in advance.

He or she will then also need to prove they can pay for the pub to be refurbished and updated.

The historic pub boasts a large dining area, a range of seating, a function room and skittle alley as well as a spacious beer garden and children's play area.

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Richard Jones, a regional valuations manager for Sidney Phillips, said: "It is being sold as the current lessee has another public house which dominates his time.

"As it is a closed business and has no goodwill, applicants are not required to buy the existing business.

"It is therefore nil ingoing as far as paying the existing lessee is concerned.

"However, the landlord company will require the new lessee to be sufficiently funded to cover the upgrading which is obviously necessary.

"The new operator will also need to pay the landlord a security deposit and have at least one quarter of the annual rent in advance."

Originally published in Somerset County Gazette